Deposit rate cuts mean just a third think now is a good time to save

ONLY a third of people believe that now is a good time to save, a new survey has found.

Savers have become more cautious about saving as banks continuously cut deposit rates.

The savings index found that just 32pc of people believe that now is a good time to save. But there has been a slight rise in the numbers who save regularly, up to 43pc in March.

Meanwhile, 80pc of adults under 35 don’t know the level of the State pension.

Half believe that they will have to work to at least 70, and over one third say they will need to work as long as they can.

The survey, commissioned by the Irish Association of Pension Funds (IAPF) and conducted by IReach, found older people have more awareness about pensions.

The function of the survey was to examine retirement planning in Ireland and whether people are being realistic as to their expectations for retirement age.

It estimates that those over 55 facing retirement appear to have greater awareness, with over 60pc knowing how much they will receive from the State when they retire.

The survey shows that pension participation is poor, with just 50pc of workers saving for retirement.